Utah

Olympus Property Acquires 170-Unit Apartment Community in South Jordan, Utah

by Amy Works July 25, 2019

SOUTH JORDAN, UTAH — Olympus Property has purchased Promenade at the District, a Class A multifamily property located at 11391 S. River Heights Drive in South Jordan, for an undisclosed price. Effective immediately, the asset will be renamed Olympus at the District. Built in 2012, the property features 170 apartments, fitness center, eco-friendly/solar-powered units, two swimming pools, sunning decks, a clubhouse featuring a lounge area, televisions, a fireplace and billiards rooms, and two playground areas. Unit amenities include stainless steel appliances, granite countertops, gourmet kitchens, full-size washers and dryers, vaulted ceilings, faux-wood flooring, gas ranges, designer wood cabinets, oversized walk-in closets, 2.5-inch wood-composite blinds, one- and two-car direct-access garages, and front patios in select units. The buyer plans to spend $800,000 on top of the existing finish-outs to enhance the interiors, add minor renovations to the clubhouse, rebrand the property, paint the exterior, update exterior lighting and add a pet park. Interior upgrades will include adding smart-home packages, ceiling fans, vinyl flooring and a lighting package to further increase the value of the asset.

July 25, 2019

Loans Multifamily Seniors Housing Utah Western

Hunt Real Estate Capital Provides $3.7M Refinancing for Assisted Living Property in Utah

by Amy Works July 25, 2019

TREMONTON, UTAH. — Hunt Real Estate Capital had funded a $3.7 million Fannie Mae loan for the refinancing of Our House of Tremonton, a seniors housing property in Tremonton, about 20 miles from the Idaho border. The borrower and property owner is Utah-based SAL Management. Brady Johnson, Andy Kitts and Heath Coryell of Hunt Real Estate Capital originated the deal. Originally built in 1995, the assisted living facility features 28 units. The property recently opened 12 new units after completing a renovation and expansion. The remodel included a complete update to all areas of the building, including resident suites, bathrooms and common areas, as well as adding vaulted ceilings and natural light throughout the front entry, dining room and hallways.

July 25, 2019

Development Office Utah Western

Irvine Investment Co. Begins Construction of 540,000 SF Irvine Office Park in Metro Salt Lake City

by Jeff Shaw July 5, 2019

DRAPER, UTAH — Irvine Investment Co. has started construction of Irvine Office Park in the Salt Lake City suburb of Draper. Upon completion, the 540,000-square-foot park will include three buildings at the intersection of I-15 and Bangerter Highway. Building one will finish completion in early 2020, spanning six stories and 180,000 square feet. Colliers is handling leasing.

July 5, 2019

Acquisitions Civic Utah Western

Mountain Classic Real Estate Buys Historic Brigham Young University Building for Restoration

by Amy Works June 26, 2019

PROVO, UTAH — Mountain Classic Real Estate (MCRE) has purchased Brigham Young University’s Amanda Knight Hall for an undisclosed price. MCRE plans to restore the property to its historical Gothic-style architectural significance. Located at 800 N. University Ave. in Provo, Amanda Knight Hall was constructed in 1939 as a women’s dormitory. The building was used as the first Provo Missionary Training Center, as well as the Church Language Training Mission Center from 1964 to 1976. Since then, the property has served a variety of short-term academic and auxiliary purposes for BYU. Kreg Peterson and David Bauman of CBRE represented the seller, Brigham Young University, in the deal.

June 26, 2019

Acquisitions Multifamily Utah Western

SALT Development Sells 493-Unit Multifamily Community in Downtown Salt Lake City

by Amy Works June 7, 2019

SALT LAKE CITY — SALT Development has completed the sale of 4th West, a multifamily property located at 255 N. 400 W in downtown Salt Lake City. Although the acquisition price and buyer were not released, the company claims that the transaction represents the largest total dollar single-asset sale in Utah’s history. Constructed in 2017, 4th West features 493 units, a one-acre rooftop community space with zero-edge pool and private cabanas; exclusive Sky Lounge with fire pits and grilling stations; and a clubhouse with a full-service kitchen and 5,100-square-foot health club, including a spin and yoga studio. Additionally, the community features a gated dog park, pet grooming station, bike wash with storage, business center with conference rooms, and a sports lounge with a TruGolf simulator, pool tables and 16-screen multiplex LED TV. The property is located adjacent to TRAX, offering direct access to Salt Lake City’s light rail system. Eli Mills and Patrick Bodnar of CBRE represented the seller in the deal.

June 7, 2019

Loans Office Utah Western

Money360 Funds $18M Refinancing for Office Property in Provo, Utah

by Amy Works May 28, 2019

PROVO, UTAH — Money360 has provided an $18 million bridge loan for the refinancing of an office property in Provo. The non-recourse loan features a 24-month term and a 75 percent loan-to-value ratio. Further details were not disclosed.

May 28, 2019

Acquisitions Net Lease Restaurant Retail Utah Western

FCPT Acquires Three Restaurant Properties in Utah for $4.9M

by Amy Works May 6, 2019

LOGAN, UTAH — Four Corners Property Trust (FCPT) has purchased three restaurant outparcel properties located adjacent to a mall in Logan. The aggregate acquisition price was $4.9 million. The name of the seller was not released. The properties are a Texas Roadhouse, Olive Garden and Arby’s, and each property is leased to corporate operators under triple-net leases with approximately seven years of weighted average term remaining.

May 6, 2019

Apartment Stock Growth and Forecast - Intermountain States 2019

Arizona Colorado Features Lument Nevada RED Capital Group Utah Western

RED Mortgage Capital: Intermountain Region Generates Strong Apartment Performance and Value Creation

by Jaime Lackey April 25, 2019

West Coast markets garner more press clippings and public attention. But the Intermountain States — Arizona, Colorado, Idaho, Montana, Nevada, New Mexico, Utah and Wyoming — are posting impressive numbers that belie their station in the American consciousness. Offering Americans the sunshine and outdoor recreational opportunities they crave and the lower operating costs businesses seek, the region is in the nation’s sweet spot and taking full advantage of its position. Population, income and employment growth lead the nation. Indeed, the region claims the four fastest growing states in America — Nevada, Idaho, Utah and Arizona — and its seventh, Colorado. Meanwhile, Nevada, Utah and Arizona recorded the fastest rates of payroll job creation last year, and Colorado and Idaho figured in the top six nationally. Apartment rents increased accordingly. Late-cycle bloomers Las Vegas and Phoenix posted the fastest rent growth last year among larger markets and Salt Lake wasn’t far behind. Emerging markets like Boise, Bozeman and Reno were in the same league, chalking down high single-digit increases. Investors competed fiercely for opportunities in the region. Apartment sales volume in the five Intermountain metros (the “Intermountain 5”) covered by RED Capital Research (“RCR”) — Colorado Springs, Denver, Las Vegas, Phoenix …

April 25, 2019

Acquisitions Retail Utah Western

Evergreen Devco Sells 5,500 SF Retail Center in Utah for $3.1M

by Amy Works April 23, 2019

PLEASANT GROVE, UTAH — Evergreen Devco has completed the disposition of a newly developed retail center, located at 855 W. State St. in Pleasant Grove. Pinot Pasadena Land Co. acquired the property for $3.1 million. The 5,500-square-foot, multi-tenant retail space was 100 percent occupied. Tenants include Mo’ Bettahs Hawaiian Style restaurant, Beans & Brews Coffee House and Dough Co., which is slated to open this spring. Evergreen originally purchased the 1-acre site in June 2018 and completed the retail center in November 2018. The project team included Utah-based Rimrock Construction and architect Farnsworth Group.

April 23, 2019

Acquisitions Multifamily Nevada Utah Western

Next Wave Investors Acquires Two Multifamily Properties in Nevada, Utah Totaling 188 Units

by Amy Works April 9, 2019

WEST VALLEY CITY, UTAH, AND LAS VEGAS — Next Wave Investors has purchased two multifamily communities in Nevada and Utah totaling 188 units for an undisclosed price. Additional details of the acquisitions were not released. Next Wave acquired Harlow Apartments, a 98-unit property located at 10602 W. Alexander Road in Las Vegas, with units averaging 1,061 square feet. The resort-style, Class A property was built to condominium specifications and was more than 95 percent occupied at time of sale. Unit amenities include walk-in closets, USB ports, vinyl-plank flooring, nine-foot ceilings and smart-technology package that includes Alexa devices, Nest thermostats, lighting and locks, as well as the smart apartment Dwelo app. The company also purchased Aspen Village Apartments, a 90-unit property located at 3043 W. 3500 S in West Valley City, near the 215 Beltway and Bangerter Highway. As of January, the property was 96.7 percent leased with units averaging 950 square feet. Situated near Fairbourne Station, a new mixed-use development, Aspen Village is in its original condition, which allows Next Wave to add value to the property with unit and amenity upgrades.

April 9, 2019

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